€327 differential between Irish and UK beef
The price differential between Ireland’s and Northern Ireland’s beef has now increased to 50p/kg or 71c/kg, while the UK beef price is 66p/kg or 93c/kg ahead of Irish beef.
The Livestock and Meat Commission (LMC) in Northern Ireland figures mean that a price differential of €249 and €327 now exists between a 350kg R3 Irish steer carcass and Northern Ireland and UK carcass respectively.
This has occurred as a result of the strengthening Sterling.
Prime cattle supplies in Northern Ireland are now outpacing demand and quotes for next week are 332-336p/kg.
Northern Ireland’s cattle kill for the last four weeks has been 20,644. This is up 3,575 head from the same period last year reported the LMC.
Prime cattle imports from the Republic of Ireland have also increased and now account for 10% of the total Northern Ireland kill over the previous four weeks.
This has occurred on the back of the strong Sterling. Imports from Ireland are up 2% on the corresponding period last year according to the LMC.
The beef price had previously been rising and had increased 12.9p/kg over the past four weeks but this increase is expected to be knocked out with this coming weeks price drop.
The strength of the Sterling has also been identified as the primary reason for the decline in Ireland’s beef price in comparison to both Northern Ireland and UK.
However, the LMC did highlight at the current exchange rates imports of beef from Ireland will become more competitive.
Nothern Ireland’s lamb plants are currently quoting 290-300p/kg on 21kg carcasses for spring lamb.
The average price paid for lamb was 321.9p/kg which is a drop of 31.6p/kg from the same period last year.
According to the LMC, there is now a price differential of 5p/kg in favor of the North’s lamb when compared to Ireland’s lamb.